Mindful Money’s news round-up: Wednesday 29th June 2011

29th June 2011

Story of the day:

Today in the Telegraph, consumers are suffering from a "toxic mix" of "facts and fear" about household incomes, eurozone debts and rising prices, Asda's chief finance officer has said.

British consumers starting to ration, says Asda boss

And the best of the rest:

Also from the Telegraph, a growing split between the world's biggest oil consumers and major Opec producers over prices means Saudi Arabia may no longer increase its oil output by as much as it pledged.

Opec split threatens increase in Saudi oil production

The New York Times is reporting on Google's new social network – the Google+ project.

Another Try by Google to Take On Facebook

The Financial Times is also looking at social media, Zynga, the social networking games developer closely tied to Facebook, is set to file for an initial public offering this week that hopes to value the company at up to $20bn.

Zynga set to rival networking peers with $2bn IPO

Not many would be surprised by the news, reported in the New York Times, Christine Lagarde became the first woman to be appointed to the helm of the International Monetary Fund, taking on one of the most powerful positions in global finance.

France's Lagarde Named New Head of I.M.F.

Reuters is also discussing the new appointment, Asia's fast-rising economies set their sights on securing key IMF appointments under newly named chief Christine Lagarde on Wednesday, hopeful she would be the one to make good on oft-heard pledges to swing more power to emerging markets.

Asia looks to "friend" Lagarde to honour IMF pledges

From the Guardian, one of the City's most senior regulators has hit out at the bosses of financial firms for failing to embrace the cultural change needed to repair the industry's reputation with consumers.

FSA regulator says financial sector is failing to accept need to change

HMRC have made mistakes again, according to the Independent, Almost 5 million people will face fresh tax confusion in the next few months, Her Majesty's Revenue and Customs (HMRC) has admitted. In the next two weeks it will start sending revised calculations of tax due for 2010-11. Some will receive cheques after Revenue calculations revealed that they overpaid tax, while others will be hit by demands for underpaid tax.

Tax woes for 5 million as HMRC admits fresh errors

The Independent are reporting, in one of his most "doveish" interventions since the end of the recession, Sir Mervyn King, the Governor of the Bank of England, signalled yesterday that there would be no rise in interest rates until there was clearer evidence that the economy was growing and that unemployment and the interest rates actually paid by consumers were falling.

No interest rate rise before unemployment falls, says King

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